Weis Wave Renko - Effort vs ResultABOUT THIS SCRIPT
Weis Wave Renko – Effort vs Result indicator combines Renko price structure with Weis Wave volume analysis to help assess the relationship between market effort and price result.
This script is a fork and substantial extension of the original “Weis Wave Volume” script published by modhelius . Full credit is given to modhelius for the original Weis Wave calculation, Renko assignment methodology and histogram on which this version is based.
PURPOSE
The script was developed to support the following workflow:
Use VSA/Wyckoff analysis to identify the market background and possible exhaustion, absorption or testing activity.
Use Weis Wave volume to compare the effort behind successive buying and selling waves.
Use Renko structure to confirm changes of direction, higher lows, lower highs and sustained reversals.
Use the developing relationship between effort and result to assess whether supply or demand is strengthening, weakening or being absorbed.
Where appropriate, use a confirmed Renko reversal as part of an entry, stop-placement or trade-management process.
The script is intended to support a discretionary Wyckoff/VSA-style analysis of Renko charts.
It does not treat every Renko colour change as a trading signal. Instead, it is designed to help answer questions such as:
Is demand expanding or contracting?
Is supply expanding or contracting?
Is price rising with less apparent selling resistance?
Is price falling because support beneath the market is weak?
Is increased volume producing less price progress?
Does a high-volume wave represent a possible buying or selling climax?
Has a later lower-volume test supported or rejected that interpretation?
The underlying concept is effort versus result:
Effort = cumulative wave volume.
Result = the price movement achieved by the Renko wave.
PIVOT STATISTICS
At each completed Renko peak or trough, the script displays:
Weis Wave volume.
Number of Renko boxes contained in the wave.
The statistics box refers to the completed wave that formed that peak or trough.
The current uncompleted wave can also display a live statistics box. Live statistics remain provisional until the wave is completed by a confirmed change of direction.
WAVE COMMENTS
Each completed wave can receive a separate comment box connected to the centre of the relevant Renko leg.
The comment box may contain three distinct sections:
Structural conclusion.
Primary wave classification from the Scenario Key.
Explanation based on later price and volume behaviour.
For example:
Buying climax confirmed
Demand expanding
Next up-wave retest failed below the climax high on lower volume
The primary wave classification describes the completed wave relative to the previous wave in the same direction.
The structural conclusion may update later as additional waves complete reflecting the dynamic nature of the indicator.
PRIMARY WAVE CLASSIFICATIONS
Up-waves are compared with the preceding completed up-wave:
Demand expanding - More volume accompanied by a longer rise.
Demand contracting - Less volume accompanied by a shorter rise.
Less effort needed to rise - Similar or lower volume produced the same or greater upward progress.
Buying effort absorbed - More volume produced a shorter rise, suggesting that buying effort encountered supply.
Down-waves are compared with the preceding completed down-wave:
Supply expanding - More volume accompanied by a longer decline.
Supply contracting - Less volume accompanied by a shorter decline.
Less support beneath price - Similar or lower volume produced the same or greater downward progress.
Selling effort absorbed - More volume produced a shorter decline, suggesting that selling effort encountered demand.
No material change - Neither volume nor price result changed sufficiently to exceed the selected Material Change Threshold.
CLIMAX ANALYSIS
A large wave is not classified as a confirmed climax merely because it has high volume. The script uses a staged process:
Possible buying climax:
An up-wave becomes a buying-climax candidate.
The next down-wave must produce the selected Renko reversal confirmation, which defaults to three boxes.
The immediately following up-wave is treated as the retest.
The buying climax is confirmed only when that next up-wave: has lower volume than the original climax up-wave; produces a shorter rise; and fails below the climax high. The comment can then state:
Buying climax confirmed -
Next up-wave retest failed below the climax high on lower volume - Possible selling climax
A down-wave becomes a selling-climax candidate. The next up-wave must produce the selected Renko reversal confirmation. The immediately following down-wave is treated as the test. The selling climax is confirmed only when that next down-wave: has lower volume than the original climax down-wave; produces a shorter decline; and holds above the climax low.
The comment can then state:
Selling climax confirmed -
Next down-wave test held above the climax low on lower volume
Only the immediate next corresponding up-wave or down-wave is used for the test. The script does not search through later waves to find a result that retrospectively fits the climax interpretation.
NO SUPPLY AND NO DEMAND
Possible no supply requires a down-wave that:
has lower volume than the previous down-wave;
produces a shorter decline; and
forms a higher low.
The following up-wave must then sustain the selected number of reversal boxes.
Possible no demand requires an up-wave that:
has lower volume than the previous up-wave;
produces a shorter rise; and
forms a lower high.
The following down-wave must then sustain the selected number of reversal boxes.
These are rule-based interpretations of wave behaviour. They are not substitutes for a full Wyckoff or VSA analysis of background, location and market structure.
DEVELOPING WAVES
The current wave comment can update dynamically as volume and Renko-box count accumulate.
Developing comments use provisional wording such as:
Demand currently expanding.
Supply currently contracting.
Buying effort currently absorbed.
Possible no supply.
Possible no demand.
A developing classification can change before the wave completes.
PROJECTION BOXES/BRICKS
TradingView can display projection boxes/bricks while the source-timeframe bar remains open.
Projection does not mean that the script is forecasting future bricks. It means that current price before the time period close has already moved far enough to meet one or more Renko thresholds during the still-open source bar.
For example, on a Daily Renko chart:
intraday price movement can produce provisional Renko bricks;
those bricks can appear before the Daily bar closes;
they can change or disappear before the close;
they become part of the confirmed historical Renko structure only after the source bar is confirmed.
The same principle applies to Weekly and other source intervals.
Live statistics and developing comments should therefore be treated as provisional.
RENKO ASSIGNMENT METHODS
Traditional: Traditional uses a fixed price-unit assignment value.
If the TradingView chart is set to: Traditional box size = 3, the indicator should normally also be set to the same Renko Assignment Method = Traditional Value = 3
The script cannot automatically read the Renko box-size setting from the TradingView chart.
ATR: ATR derives the assignment value from Average True Range. The Value input represents the ATR lookback period rather than a fixed number of price points. ATR adapts to volatility, but changing box/brick size make historical box-count comparisons less directly uniform than Traditional sizing.
Part of Price: The inherited Part of Price method calculates close ÷ Value
For example: Value 20 = approximately 5% of price. This is not identical to TradingView’s Percentage LTP Renko setting.
DISPLAY AND POSITIONING
The script includes adjustable controls for:
up-wave and down-wave histogram colours;
histogram transparency;
pivot statistics placement;
statistics font size;
statistics connector lines;
adjacent statistics-label stacking;
wave-comment font size and line wrapping;
wave-comment vertical and horizontal offsets;
adjacent wave-comment stacking;
comment connector lines;
Permanent Note position and dimensions;
Scenario Key position and dimensions.
Adjacent label and chart leg comment box stacking is optional. Because Pine cannot measure the rendered pixel width or height of labels, collision avoidance is based on bar distance and price-coordinate separation rather than exact screen-pixel boundaries. The user may need to adjust these settings in the user interface panel to avoid overlapping of labels and comment boxes.
SCENARIO KEY
The Scenario Key translates observable effort-and-result combinations into the primary wave comments used by the script.
The table also explains the structural sequences used for:
climax candidates;
confirmed buying and selling climaxes;
possible no supply;
possible no demand;
failed follow-through;
provisional current-wave conclusions.
TIMEFRAME CONSIDERATIONS
Changing the TradingView chart timeframe changes the source data used to construct the Renko chart.
A Daily Renko structure and a Weekly Renko structure are therefore separate reconstructions, not merely different zoom levels of the same sequence.
Weekly charts may be useful for broad structural background.
Daily charts may provide more responsive directional changes.
Lower source intervals generally provide greater granularity but also produce more noise and more frequent projection box/brick changes.
LIMITATIONS
Renko charts use synthetic price construction.
The apparent Renko box/brick price is not always a directly tradable execution price.
Projection boxes/bricks can repaint while the source bar is open.
Historical calculations can change when:
the chart timeframe changes;
Renko settings change;
indicator assignment settings change;
additional lower-timeframe data becomes available;
TradingView reconstructs the Renko history.
This indicator should not be used to assume fills at ideal Renko box/brick prices.
Any strategy testing should use confirmed signals and actual market OHLC prices, with appropriate allowance for spread, slippage and execution delay.
The script provides analytical context. It does not provide financial advice or guarantee that any identified climax, test, no-supply condition, no-demand condition or Renko reversal will lead to a profitable trade.
CREDITS
Original Weis Wave Volume script and core calculation: modhelius
This version is an amended and extended fork incorporating:
Renko peak and trough statistics;
wave box counts;
dynamic wave comments;
effort-versus-result classifications;
climax and test sequencing;
no-supply and no-demand analysis;
projection-brick context;
configurable display, positioning and overlap-management controls.
DEVELOPMENT CONTEXT
The extended analytical concept implemented in this fork was developed following James Knox ’s presentation to the "To The Tick" trading group on 20/7/26 combining:
TradeGuider VSA observations;
Wyckoff concepts of effort versus result, climaxes, tests, springs, no supply and no demand;
Weis Wave volume;
Renko changes of direction and structural pivots.
The script’s classifications and dynamic comments were developed to make those relationships more easily visible directly on the Renko chart.
Chỉ báo













